Boost Single-Family Resident Retention: 4 Proven Ways

Resident retention plays an important role in keeping your rental business afloat. Simply put, high tenant retention also represents good cash flow. After all, success in this field is not only measured by the number of occupied rental properties. Keeping residents at a property is of equal importance. Nothing beats a customer that keeps on coming back for more. This is the equivalent of a tenant who stays at your rental property for a long time.

As a property manager, you know how important it is to ensure a high resident retention rate for single-family homes and other rental properties. Good tenants who are always on time when paying rent are godsends. Polite and well-behaved occupants of your apartments are people to cherish, undoubtedly. Surely, you also value tenants who take care of your property and treat it as their own. Tenants such as these are not easy to find. Once you have them living on your property, you’d want to keep them for as long as possible.

Aside from the above reasons, another reason to prioritize tenant retention is the cost of finding a new tenant. Turnover isn’t cheap. You’ll have to advertise that you have a vacancy in your property. Once a potential tenant visits, you’ll have to spend time and effort to show the place. Add the time needed to screen said tenants; you already have a lot on your plate.

Keeping residents at a property is the best way to go. Here are some tips on how you can maintain resident retention for single-family homes and other rental properties:

Be Quick in Addressing Maintenance Concerns

Your responsibility as a property owner does not conclude with handing over the keys. In fact, this is just the start of your relationship and eventual partnership with your tenant. Most likely, you have put your best foot forward as a property owner by showing a clean and well-maintained apartment. The tenant may have been attracted by the spotless floors and newly painted walls. It should not end there, though. You have to make sure that you maintain a clean property to keep your tenants happy. It would help if you become a proactive property owner, especially regarding property maintenance and repairs.

If you are planning to ask your tenants to renew their lease and extend their stay in your property, you have to be mindful of their concerns, especially those related to maintenance. Ensure you inspect the property regularly for damages or anything needing repairs. A proactive property owner gives a positive impression to tenants. They know that you are on top of things and know what’s happening in every corner of the place.

Nothing is more frustrating than a property manager or owner who does not take swift action to address maintenance concerns by tenants. This will lower your chance of keeping residents at a property. A simple gesture of providing deep cleaning services by hiring professional carpet cleaners for your long-term tenants can make them feel appreciated and valued. This is just one example of a service you can provide that is cheap but has a big impact on tenant retention.

Be Receptive to Requests for Amenities

For most tenants, the amenities surrounding the rental property are just as important. To increase your chances of keeping residents at a property, you better be sensitive to their needs! Being receptive to the suggestions of your tenants when it comes to amenities can prove to be a wise investment for you. Did the family living in your single-family home request a playground for the kids? Listen to their request and try to strike a balance between giving in to those requests and keeping construction costs at a minimum. You need not break the bank to make your tenants happy. If you noticed that most of your tenants, especially the younger ones, always complain about slow internet connection, what action should you take? Consider getting a high-speed internet connection and a strong Wi-Fi network! You will be surprised how much this action would mean to your tenants.

If your rental property is close to schools and parks, it would be a good idea to construct a bike rack. This is an example of an amenity that may not be expected from you by your tenants but will greatly be appreciated when it’s built.

Accept Online Payments

This may seem like a very underrated proactive tip, but collecting rent through online payment can make your tenants' lives a whole lot easier. Giving your tenant the option to pay their rent online makes it convenient for both of you. You can be sure that rent will be paid on time, and you don’t have to go to the bank or be physically present in the property to collect rent. It will also help if you can offer various online payment channels so they will have plenty of options.

Accepting online payment does not only benefit your tenants, it comes with perks for you as well. Some of these benefits include:

• Receiving payment faster and easier
• Safe rent payments
• Automatic rent collection

Incentivize Lease Renewal

Aside from the things already mentioned above, the key to tenant retention is to give your tenant a reason to stay. The business of keeping residents at a property is simple. As a property manager, consider offering renewal incentives to tenants at the end of their contract. Such action can encourage them to stay and think twice about leaving. These incentives do not need to be extravagant. A simple offer of not raising the price of rent for your renewing tenants, especially when rental costs are going down, would be a great deal for them.

Another incentive can come in the form of offering updates to the rental property. You can opt to have the walls repainted or make minor renovations to some areas of the unit. Giving discounts or waiving fees can also be a great form of incentive for your tenant. Think of these incentives as an investment in making sure that you keep resident retention for single-family homes and other rental properties, and you’ll see that it’s worth it.

Conclusion

There are plenty of proactive ways to ensure that your tenants renew their leases for another year or more. The important thing is to always keep in mind what makes them happy because a happy tenant means good business. 

Finding a reliable partner in your property rental business is also crucial. Getting trusted property management software like the one provided by ExactEstate can help you run your business efficiently and securely. ExactEstate is your one-stop shop when it comes to property management. Schedule a demo  and experience what this online platform can deliver.